LONDON WOOL SALES.

Otago Witness, Issue 2413, 31 May 1900, Page 6

LONDON WOOL SALES.

(Fboh Oue Special CoEEESPOxiJtrfr.) .-. A DISAPPOINTING FINISH. '■■■ - ALL QUALITIES LOWER. BRADFORD, "March 30. Since writing last, the second series of saleshave finished, and buyers have gone home .to make the best of thei» purchases. It cannot be said that London has generated much"mettle,"' nor sent buyers home animated with much confidence for a speedy return to better days, for the closing week of the series was distinctly disappointing, and to growers especially there must be much heart-burning at the prices realised for their clips. As I have so clearly ; and fully set forth every detail connected with the late .=ales, I will give in my closing- letter a quotation riomthe authoritative pen of Messrs Charles Balme and Co. They say that the reaction from the extreme rates current in December last has unsettled business throughout the wol trade. " Manufacturers, although so far well employed in the execution of old contracts, experience great difficulty in obtaining fresh orders on remunerative* terms, while . Continental dealers and spinners, who have operated very freely, this season in Australia and the River Plate, are unable to dispose of their purchases except at a disastrous loss. The congestion brought about by this state of affairs, combined with the erratic movements of quotations for ' tops ' on the Continental ' terme ' markets, lias had a most prejudical effect on the course of prices, and has caused consumersto disregard all the favourable faciors in the situation which under normal conditions would have imparted strength to the market. " The sales opened with a -decline of 7i to 10 per cent, for all descriptions of merinos. After a few sittings American buyers commenced to bid freely for the better classes of greasy staple, and some recovery in prices for such growths was established; -competition on the part of the Frencli and German trades, however, became more reserved, and values for scoureds, as well as medium and inferior greasies, somewhat weakened. Towards the close of the series, on the receipt of neps of a severe fall in quotations on the Roubaix and Antwerp 'terme' markets, a further reduction of 5 per cent, for medium and inferior -pai eels took place, while superior grades al?o suffered a slight relapse consequent on a contraction in the a >_ume oc American de- v mand, the pales ending with % alue* for superior wool 10 per cent, and tor medium and inferior 10 to 15 per cent, below the January level. ''Crossbreds have also suffered fiom the general weakness of the market. At the commencement, the finer growths depreciated 7-£ per cent, and the coarser 10 per cent., and on this basis the home trade operated with freedom. Later in the series, on an accession of considerable support fiom American buyers directed towards medium and coarse wools of good style and condition, prices rallied, and those qualities suitable for their requirement-; regained most cf the ground at the outset, while similar classes in worse condition al&o appreciated to a blight extent. Tho transatlantic demand, .however, did not continue long, and towards the end of the auctions a Meaker tone supervened, final rates for finer grades being 10 per cent, and for medium and coarse 10 to 15 per cent, below last sales' parity. "South African wool*, although in fair supply, have only been very sparsely represented in the catalogues, holders being unwilling to accept the situation. Snow-whites and scoureds were very scame, and during the earlier part of the series commanded rates approximating those current in January. Later on, however, prices gave way, and closed 72t0 10 per cent, below that level. Greasies is well as fleece- washed paicels have throughout been in poor demand at a decline of 10 bo 15 per cent. "The fallin values of merino wools since the close of last year has been very severe, and has come as a surprise to all connected with Ilia industry. It is generally recognised that

*■*- — 7 _— — — 1~- _— « — there has been no alteration in the position of tlie trade or of supply sufficient to account for such a heavy depreciation-, and the malafee from which the market is now suffering is ■no doubt in a good measure caused by the •Huge commitments entered into by the Continental trade in connection with its extensive' purchases in the different centres of production during the latter parb of 1899. How long it will be before these stocks pass into ' the hands of the actual consumer it is, of course, impossible to say ; but as soon as they ihave beeiT absorbed, the scarcity of the article - should again become apparent, and have a beneficial influence on the course of prices. 'As regards crossbreds, in the present state of consumption" the trade should hare no difficailty in dealing with available supplies at the current level of values, which is below the average of 'recent years — a fact which makes the position of this class of staple very sound." . As compared with the closing" rates of the previous series, we now quote 1 : — •

Of the quantity sold, approximately 69,000 bales have been taken for exporb, including some 10,000 bales purchased "for shipment to America. The quantity sold in the two first series of sales-falls shore of that of last year by 90,000 bales. * Tbe home trade has taken 26,000 bales, and the Continent 71,000 bales less, whileAmerica shows 7000 bales increase. Notwithstanding the large holding back, the supplies for the next, three .series, taken in the aggregate, will p/obably only equal or but slightly exceed the supplies available in the corresponding three series of last year. The third series is fixed to commence on the Bth. JVlay, fcke list of quantities available beingclosed at A p.m.. on the day on which 250,000 bales shall- have arrived, or in any case not later than -the 30 th> April. Sold -by Messrs Buxton, Eonald, and Co., March 21.--Otaio: Greasy— s bales M lid, 9 ■ first quarter-bred- E 12|d. 25 do -halfbred W withdrawn, 8 second halfbred E withdistwn, 31 do W lid, 7 do'9id, 7 first thrcequarier-bred hoggets lOd, 32 do E withdrawn, 17 do W 9d, 52 do seven-e3gb.tb.bred hoggets SM, 54 da. _E Bu,' 9 do 9d, 33- second do hoggets B£d,. 49 do 'withdrawn, 14 do -6|d, 3 Leicester and Lincoln G\d, 7 first half-'hretL-pieces ICdj, 6 second ~do Sd, .7 halfbred bellies 7Jd, 7 fUsfc threequaitcr-bred' pieces E 6?a, 1-5 second do 6|d, 4 bellies threequartsr-bred 6d, 15 do 53d, -(5 scoured crossbred pieces BJd, do 7fd, -fi'^do first do 6|d, 4 do 6id,'7 do lodes 9d 'ihis was a very' satisfactory clip, all -the .qualities 'being well-grown, sound, light, and ,good._ Glendonald: ,8 bales'greasy first cross"bred B^d, 30 do Bd, 28 do withdrawn, 20 do combing withdrawn, 26 do second do 6|d, 4 do first do CJd; 4 do 6id, 6 do bellies G^d, 6 do pieces 4fd, 8 do 41d, 2 do locks 3d, 9 do first do' lambs- Sd, 2 do 'second do 7d. A good average giown clip.- WLA, in diamond: Greasy — 37 bale 3 first crossbred withdrawn, 14 second do 7id, 23 first threequarter-bred 9d, 19 .do 7J-d, 42 do 7£d, 28 second do 7:, d, 24 crossbred 61d, 14 Leicester 7Jd, 20 Lincoln 62d, 12 do 6Jd, 32 first crossbred pieces 6Jd, 21 do Gd. A good well-grown staple, but finer quality would have helped the wool materially.

Sold by Messrs Johni Hoare and Co., same day. — Opawa Station : Grease — 4 bales hoggets combing lOd, 24 first halfbred do 9-Jd, 41 do lid, 1 second do 7d, 6 do 6Jd, 27 threequarterbred combing Bd, 16 crossbred 6:1, 3 do &ld, 4 Lincoln 6§d, 10 halfbred pieces 62d, 9 crossbred' pieces 6d, 3 do 51d, 7 do locks 4£d. This clip was of a good average order, and sold for its full value.

Sold by Messrs "Willans and OveYbury, March 22.— NZ & A !Land Co., over Hakataramea: Grease — 31 bales combing halfbred -12d, 43 do lid, 47 do lOJd, 19 do 9Ad, 7 do 9Jd, 5 broken do lOd, 16' combing crossbred lOd, 14 do Bd, 2S do 9Jd, 5 combing Leicester 6id. Scoured — 2 bales pieces halfbied 16Jd, 2 do 12d, 2 bellies do 17Jd, 5 combing crossbred 14d, 4 pieces do 14d, 2 bellies do 13^3, NZ & A Land Co., over Moeraki : Grease — 3 brdes combing quartei-bred lljd, 30 do halfbred lOd, 16 combing crossbred 7i*d, 10 do 6£d, 2-do bellies 6d, 31 combing L 63d, 5 . scoured L pieces Bd. ISTZ & A Land Co., over Pareora: Grease — 3 bales combing halfbred 10i, 21- do crossbred Bid, 10 do 7£d, 23 combing L 71d, 0 do 7d, 23 L 7d, 6 do 6Jd, 14 scoured crossbred jpieces lOd, 6do BJd, 2do locks Sid. I certainly think that the first tnark was a long way the best. It was best in quality, growth, and condition. NZ & A Land Co., over Toiara: G-iease — 8 bales combing qua-:terbred 13d, 5 do 10d, 25 ,do halfbred 11-kl, 1] do"9Jd, 5 do 7Jd; 40 combing crossbred withdrawn, 22 do 7}d,- 16 do 7Jd, 9 broken do 7d, 8 combing L 6id, 22 do 6kl, 4 secured combing crossbred 9d, 11 do pieces do Bid, 4 do bellies do Bkl, 3 do locks do 7|d, 2 do 5Jd. The selling of this clip clearly shows what call there is for good quality wools. It was s very good clip throughout. Sold by Messrs Thomas and Co., March 23.— Kaputone : 20 bales scoured super combing quarter bred 16d. 76 do halfbred withdrawn, 26 do fine crossbred 20d, 6 do 9d, 14 60 fine crossbred clothing 6^d, 11 do super pieces withdrawn, 12 do fine do 7Jd. 37' do 7d, 21 do 6|d, 20 do 6Ad, 2 do crossbred black Gid. 'These were creditably scoured and clean. Haldon : 18 greasy halfbred withdrawn, 10 do A crossbred hoggets BJd, 25 do 9d, 14 do B do hoggets Sd, 52 do Bd, 3 do 11 7d, 5 do R 6Td, 14 do crossbred pieces sfd, 6 do halfbrecl Jocks 3§d.

Sold by Messrs t)v. -Croz, Doxat, and Co., March 23.— Highiield : Grease— -12 bales, AA combing 12Jd. 42 A do 12d, 3G do withdrawn, 17 B- do Ilia, 8 C withdrawn, 14 B Hid, 8 pieces 101 d. 9 B* do 9d, 23 halfbied AA withdrawn, 24 do A hoggets njcl, 58 do lljki, 13 do B withdrawn, 15 halfbred E 10]. d, 15 do withdrawn, 28 do 9d, 26 do withdrawn, 27 do B pieces withdrawn. This was pn excellent clip in every lespect, but brokers' limits were not reached. Stcnyhurst :-■• ftvease — 37 first combing lOd, 6 second do 10? d, 3 pieces lOd, 2 bellies Sd, 38 halfbred first H iOd, 57 do 10d, 55 do lOd, 10 halfbrect second H 9Jd, 32 do Old, 9 fhst and second down Sd, 36 three-quarterbreel first 7d, 36 do V 2 tl, '25- do second Gid, 6 first and second L 6yd, 33 halfbred pieces Bd, 11 do bel!ie3 7d, 8~ three-quai'tcrbicd do 6d, 6 haltbred ?nd, three-quaiccrbied S' pieces sd. This waa a good, well-grown clip pnd showed up well.

Since we last wrote the home wool market ha<i been demovi Haed, and though k't Monday the situation, had somewhat recovered, yet the position of things was strongly in a downward direction. This is directly traceable to !§ae essie*. feeling manifest, in Lonckm au the

closing week of the sales, and in the absence of any call here, values are about a pennylower on all fine grades. In fact, there is not sufHeient business passing to test values, and ill our usual monthly table below we have simply put down prices at which the various descriptions can be bought easily. Real actual business may be said to be at a standstill unless topmakers will accept what spinners have a- mind to offer, and this means a serious loss. What seemed to be the breaking of the darkened horizon a week ago has now developed into a scene of intense quietness, the old order "of tliing3 seeming to have taken on a new lease of life. The following table shows the full course of values during the past month, and the figures given represent the general askingprices of merchants to-day: —

ADSTnALAST.W. Merino grease, super ... JJd perlb lower. „ „ medium,.. I^<\ ■ „ „ „ „ inferior..." Id to lid „ „ ,, s scoured, super ... 3d ~,, v ,r „ „ medium,..." 3d „ „ „ „ infeiiot... 2Jd „ „ „ kinbs, super ... Id „ „ „ „ medium <S- infr JcL „ „ Crossbred grease; fine- ... IJd „ „ . ,■ .. . mi drum ljd „ „ „ ' „ coarse... Id ' „ „ * 11 , ii lambs... Jd „' „ „' Scoured, fine ... Zd' • „ ■ „ ii. • >> medium . fcl „ „ ■ „ „ ci?r. c... Jld „ j, „ slip'B, fine ... JcHo Id „ „ \»t "ii coarse...- Id ls „ - South Afhican. Snow-white, super ... 2£d ti „ „ medium ... 2d „ „ "Fleece, ■washed ... ..-♦ Hd to 2d „ ■ „ 61 ease combijig, light ... 3Jd „ „ „ • „ lieivy .. Id „ „

Description of Staple. c 4 O5 a 1-4 S5 £ I Lin coin lieggs Lincoln wetheis Deep-grown hoggs ... Deep-avown wethers!.. White siipei' hoggs .. While suptr wethers liish hopes Trish vi ethers Piok Shropshire hogg&j Pick Bhrop. wetheis Ordinary halfbied hoggs Oidiuary halfbied wethers Wiltshire Town teg?... Wiltshire Down ewes Oidinaiy 80's, BueuoE| s Ajreito»s Ordinal y 60's, colonial tops Super UO's, colonial ... tops Ordinary 40's--, colonial tops Ordinary 36's, colonial tops Turkt-y avei age mohair Cape firsts, mohair . .! d. 9 8 8" I? a 12 11 d. 9 S Si 8 SJ 81 la ii d. 9 Si 8 SJ 8-1 9i 8 12 11 d. 9 73 f SI f 12 11 d. I! ! 8 • n Si 9 8 32 i 11 d. 7} 8 8? Si 1) 8 12 11 4 p9 • i i ■ I 81 141 Si 14" 14 8 14 U 8 J4 T4 s i ]i It 8 14 14 m 24* 24i 2ih I £4 24 29 23 £S 28 £7 •26i k. I SO CO SO 29 23 27i 1H 13* 11 'll w 10.} 10 if 10 19 1020J 19" •o J9" 20V J9 I 94 204 IS)